Wind farm in Mexico. Author: Presidencia de la República Mexicana. License: Creative Commons, Attribution 2.0 Generic.
The European Investment Bank (EIB) is looking at a framework loan to support renewable energy projects in Mexico.
The size of the EIB financing would be USD 100 million (EUR 94.5m), while the total investment in the projects is estimated at USD 1.184 billion.
The bank said that the financial intermediary has presented a preliminary portfolio that includes two wind farms.
Overall, the project will support the construction and operation of renewable energy plants in Mexico. The aim is to help the country reach the goal in its National Climate Change Strategy 10-20-40 Vision of generating 35% of total electricity from clean sources by 2024.
In October, the International Energy Agency (IEA) projected that Mexico will meet the 35% clean energy target by 2024 and praised the energy reform, part of which are the country's auctions for clean power (http://renewables.seenews.com/news/strong-years-ahead-for-renewables-in-mexico-544736). In September, it was announced that projects worth USD 4 billion would get long-term contracts for power and/or clean energy certificates (CEL) after winning the second energy auction at competitive prices.